Daught of an ccountant

All you have to do is to pass the adjusting final entries.

Its always better to continue as a single company, rather to split it at the end of each year.

P&L a/c items relates for a period, and is therefore not to be carried forward to the succeding year books.

Also there are a few spelling mistake in your message : its doubt, not daught & its clarify, not calarfy

If u are continuing with same tally backup for yr 2015-16 also, thr is no need to enter opeining balances since it will be carried forward automatically once u pass entries & close accounts of 2014-15. But if you want to create new company for FY 2015-16, u hav to enter opening balance for each & every balance sheet item.